XRP has achieved a major milestone by breaking out above a significant triangular consolidation pattern. Its market cap has now surpassed a critical $146 billion resistance level, cementing its position as the third-largest cryptocurrency by market value.
Peter Brandt’s Bullish Shift on XRP
Renowned trader Peter Brandt, once a harsh critic of XRP, has surprised the crypto community with a newfound bullish outlook. Earlier this year, Brandt dismissed XRP, even predicting its value would collapse.
However, in a recent tweet, he called XRP’s chart:
This marks a notable reversal for the trader, though he clarified he remains personally invested only in Bitcoin and Solana.
XRP Nears All-Time High After 7 Years
XRP recently surged to $2.82, nearing its all-time high after seven years. The token’s impressive rally has also gained momentum due to Ripple ETF speculation and optimism surrounding SEC Chair Gary Gensler’s potential resignation.
Market sentiment remains positive, with analysts predicting further gains. XRP is now just 25% away from its all-time high, reinforcing hopes for continued bullish momentum.
XRP’s Impressive Weekly Gains
Over the past week, XRP has recorded a 36% gain, despite minor fluctuations. In the last 24 hours alone, its price increased by 6%, though it has since dipped slightly. As of now, XRP trades at $2.50, showing a 3.50% daily decline but a 2.56% weekly increase, according to CoinMarketCap.
What’s Driving XRP’s Rally?
Several factors are fueling XRP’s recent surge:
- Optimism about Ripple’s ETF approval.
- Positive developments in the ongoing Ripple vs. SEC case.
- Increased interest from traders and legal experts regarding potential regulatory shifts.
With growing momentum, many believe XRP’s rally is far from over.
